Aviva USA bidder may be banned from financial industry

New York hedge fund manager Phil Falcone, who tried unsuccessfully to buy Aviva USA of West Des Moines last year, will be banned from the financial industry for five years, according to a proposed settlement with the U.S. Securities and Exchange Commission that was reported on DesMoinesRegister.com. The SEC required Falcone to admit that he had used money from his Harbinger Capital hedge fund for his personal expenses, and that he had unfairly favored some of his investors and engaged in improper behavior in the bond market.